NEW YORK, NY / ACCESSWIRE / July 19, 2017 / Shares of Goldman Sachs Group saw a loss on Tuesday after the firm's Chief Financial Officer R. Martin Chavez said the second quarter was "the worst quarter for the commodities business." Shares of Charles Schwab also saw share prices fall despite its second quarter report being in line with forecasts.

RDI Initiates Coverage on:

The Goldman Sachs Group, Inc.
https://ub.rdinvesting.com/news/?ticker=GS

The Charles Schwab Corporation
https://ub.rdinvesting.com/news/?ticker=SCHW

The Goldman Sachs Group, Inc.'s shares closed down 2.60% on Tuesday with nearly twice as much trading volume compared to usual. Despite the loss, the firm reported second quarter financial results that exceeded the expectations of the Street. Earnings per share of $3.95 were ahead of the $3.39 that analysts polled by Thomson Reuters had waited for. It was also a jump from the $3.72 a year ago. Revenue was also a beat at $7.89 billion compared to the $7.52 billion expected. Traders may have been discouraged by the company's set of FICC numbers. It was the firm's commodity's business worst quarter ever. Fixed income, currency, and commodities in Q2 fell 40% compared to the same period a year ago. The company cited, "a challenging environment characterized by low levels of volatility, low client activity, and generally difficult market-making conditions." FICC client execution net revenues dropped to $1.16 billion in the second quarter, representing a 31% drop. CEO Lloyd C. Blankfein remained optimistic in a statement and said, "Against that backdrop, we produced revenue growth and improved profitability for the first half of 2017, reflecting both the diversity and strength of our global businesses."

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The Charles Schwab Corporation's shares slipped yesterday and closed down a modest 0.16%. The San Francisco-based brokerage company reported its second quarter report with profit coming in line with expectations and revenue exceeding them. The firm reported a net profit of 39 cents per share, a 9 cent increase from 30 cents in the same period a year ago. This was in line with the Street's expectation of 39 cents. Revenue also saw a jump at $2.13 billion, compared to $1.83 billion from the same period a year ago. This number was also higher than the FactSet consensus of $2.12 billion. It was revealed in the quarter that over 350,000 new brokerage accounts had been open which represented a milestone for the company as it's the biggest first-half increase in 17 years. Year to date the company has seen 719,000 new accounts. Shares have seen a gain of over 10% in the last three months.

Access RDI's The Charles Schwab Corporation Research Report at:
https://ub.rdinvesting.com/news/?ticker=SCHW

Our Actionable Research on The Goldman Sachs Group, Inc. (NYSE: GS) and The Charles Schwab Corporation (NYSE: SCHW) can be downloaded free of charge at Research Driven Investing.

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